Whenever any obligations of the City are to be sold and the same are not taken by the Sinking Fund Commission or when the obligations are otherwise available for purchase by the City, the Director of Finance shall submit to the Mayor and to the Director of Law a statement of moneys in the Treasury or in the process of collection and a schedule showing the probable requirements of money for the use of the City for the period not less than six months, together with the recommendation as to whether any moneys in the Treasury should be invested to the obligations. The Mayor, Director of Law and Director of Finance may thereupon order the investments of moneys in the Treasury in such obligations, at not more than par and accrued interest, as they may deem advisable in the interest of the City. It shall not be necessary to advertise the bonds before the investment is made. No investment shall be made except in obligations which have been passed upon and approved as to validity by a reputable firm of bonded attorneys.
(1984 Code Sec. 37.04)